Organic soybean prices remain elevated, and the inversion between Q3 and new crop remains wide. Merchandisers have reported to The Jacobsen transaction at $36 per bushel for old crop organic soybeans, while bids for new crop remain close to $27-$28. This inversion in the organic soybean term structure is not unique. The December Indian soybean futures contract on the NCDEX currently trades at a $320 per metric ton inversion to the prompt contract which is equivalent to an $8.8 inversion. While this inversion has historically been an excellent guide to futures prices for U.S. Organic soybeans, a duty on Indian organic soybean meal will change that dynamic.

Indian Conventional Soybeans Hit Record Highs

The Indian conventional soybean prices on the NCDEX hit a record high close on Tuesday, rising to $1,126 per metric ton. The recent increase in the dollar value versus the Rupee has helped cap the price increase. The break out in the soybean price movement…